It’s actually common for ceo to buy shares to show they have faith in the company.

It’s like a sale. They have to plan it in advance to clear the insider trading rules.

My previous company the ceo bought several million dollars of shares during the early COVID dip. It was to show he had faith in the company.

It’s why it has to be clear to make sure it’s not manipulating the market since it sends a strong signal to everyone.